Civil aviation gets Rs 31.13 bn allocation in Union Budget 2023
AVIATION & AIRPORTS

Civil aviation gets Rs 31.13 bn allocation in Union Budget 2023

The allocation for the civil aviation ministry in the Union Budget has more than halved to Rs 31.13 billion for the next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding. For 2022-23, the revised allocation is Rs 93.63 billion which is lower than Rs 106.67 billion estimated earlier.

The budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on Wednesday, has allocated Rs 31.13 billion for the ministry. This includes Rs 30.26 billion from revenue and Rs 866.6 million from capital.

The sharp reduction is mainly on account of lower money set aside for AI Asset Holding (AIAHL), a special purpose vehicle formed by the government that holds various assets of national carrier Air India.

Tata Group took over the control of Air India in January last year following the government's disinvestment process.

In the latest Budget, Rs 11.14 billion has been allocated for AIAHL under the public sector undertakings segment of the minister. For 2022-23, AIAHL was initially allocated Rs 92.59 billion, which was later revised to Rs 72 billion. However, this allocation was under the 'central sector schemes/ projects'. On the other hand, the latest budget has hiked the amount for regional air connectivity to Rs 12.44 billion for the next financial year starting April 1.

The allocation for the Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS) has been increased to Rs 737.4 million and Rs 3.09 billion, respectively.

In next financial year, Airports Authority of India (AAI) is to raise Rs 34.48 billion by way of Internal and Extra Budgetary Resources (IEBR). "Fifty additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity," Sitharaman said in her Budget speech.

Also Read
India to build electric-powered replicas of steam locomotives
J&K receives revenue worth Rs 35,581 cr for 2023-24

The allocation for the civil aviation ministry in the Union Budget has more than halved to Rs 31.13 billion for the next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding. For 2022-23, the revised allocation is Rs 93.63 billion which is lower than Rs 106.67 billion estimated earlier. The budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on Wednesday, has allocated Rs 31.13 billion for the ministry. This includes Rs 30.26 billion from revenue and Rs 866.6 million from capital. The sharp reduction is mainly on account of lower money set aside for AI Asset Holding (AIAHL), a special purpose vehicle formed by the government that holds various assets of national carrier Air India. Tata Group took over the control of Air India in January last year following the government's disinvestment process. In the latest Budget, Rs 11.14 billion has been allocated for AIAHL under the public sector undertakings segment of the minister. For 2022-23, AIAHL was initially allocated Rs 92.59 billion, which was later revised to Rs 72 billion. However, this allocation was under the 'central sector schemes/ projects'. On the other hand, the latest budget has hiked the amount for regional air connectivity to Rs 12.44 billion for the next financial year starting April 1. The allocation for the Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS) has been increased to Rs 737.4 million and Rs 3.09 billion, respectively. In next financial year, Airports Authority of India (AAI) is to raise Rs 34.48 billion by way of Internal and Extra Budgetary Resources (IEBR). Fifty additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity, Sitharaman said in her Budget speech. Also Read India to build electric-powered replicas of steam locomotives J&K receives revenue worth Rs 35,581 cr for 2023-24

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?